MATLAB code for reproducing empirical results of 

``Why has the U.S. economy stagnated since the Great Recession?"

by Yunjong Eo and James Morley, Review of Economics and Statistics, forthcoming

This version: September 24, 2021.

(1) Download data and code in a desired folder.

data: rgdp2018q4.txt (U.S. real GDP and NBER recession dates for 1947Q1-2018Q4 from FRED)
code: all the m files

(2) Run msm_ul.m (main code)

The code reproduces estimates for the benchmark Markov-switching model presented in Section 4 and can be adapted to consider robustness exercises in Section 5.

The model was estimated with MATLAB R2020a.


